Do What Others Aren’t
A frightening tale with a happy ending.
I’ll never forget the day when I thought the world was going to implode and our outsourced new business company would fold.
It was March, 2020 and it appeared all was over. Calls came in from clients wanting to bail and employees had no idea what tomorrow would bring them.
The Kellogg Graduate School at Northwestern never taught me how to muscle through a pandemic, so I had to figure it all out on the fly.
I did however, have one good point of reference, and that was the ’08 recession.
I had just started RSW/US in late 2005 and was told by my former partner in the UK who started RSW in 1992, that when times got a little tougher, firms generally needed us more. But even that re-assurance was no guarantee.
My experience in 2008 really helped reinforce the need for agencies and other professional services firms to do what most other agencies don’t do – which is probably the same thing you try and tell your clients: Keep visible. Invest in your business. Don’t retreat.
We had many clients in ’08 that stuck with it.
Almost saw it as an opportunity to do what others weren’t.
One of our longest-standing clients (of 12 years) did just that and here they sit today.
They were a small firm when they came on board (about 7 people).
They have since doubled in size and investing even more today in new business than they were in 2008.
To-date they have won close to $3M in new business as a result of our efforts (not including any recuring revenue).
So let’s return to 2020.
We have a client on the East Coast that was among the “need to pause” clients that called me during that one month stretch when the pandemic set in.
His New Business Director and I saw all the potential opportunities we had opened for him and while we were having some issue connecting with prospects because of the uncertainty of the pandemic, connections didn’t stop.
Reluctantly, he stayed on…believing in what we believed to be right and true and not only did he win some nice business within the months that followed, but he has since increased his spend against our programs and is going strong…heading into his 10th year with us!
He has close to $4M as a result of our efforts (and that doesn’t include any year-over-year account carry-over revenue he’s pulled in from his account wins).
So why all this, you ask.
Well, probably obvious…but just in case it’s not.
Today isn’t too different than what we dealt with in ’08 and ’20.
The uncertainty we face with all the stuff happening in DC, the unwillingness of your clients’ clients to pull the trigger, the slowness of your prospects to commit.
It makes for a very challenging environment for all professional services firms.
So some advice based on my trifecta of economic and global pandemic disasters:
Jack Be Nimble
Use this time as an opportunity to change up your game in how you service your existing clients, how you interact with your employees, how you sell the services that you have. Consider something we recently shared – a story about “productization” could prove an interesting way to make it easier for your prospects to engage with you.
Don’t Retreat—Engage!
Don’t retreat! Just because your prospects are slow to the draw doesn’t mean they don’t have needs now – or will soon have needs. As I told clients in ’08 and again in ’20…”these people can’t not spend forever!
They have to turn things back on at some point.” Same holds true here.
And if you’re not there, finding your way on to their radar, you run the risk of the train leaving the station without you.
A New You
Yes, I know you’re an agency that only focuses on a couple of core categories, but think about a local effort across lots of different categories – using your relative proximity as a selling point.
We’re doing this for some of our clients that partner with us on the RSW/US full-service side of our outsourced new business program and some of it within our lower-cost LAUNCH program.
Think back to when you first started your agency.
You didn’t have a whole lot of experience operating in the sectors you do today.
You need business (more than likely) so in addition to targeting the sectors you know…open it up a bit and see what it ultimately gets you. You might be surprised.
It Will All Be Ok
Be Calm. “Protect us from all anxiety.”
Something I think about every day.
At the end of the day, all will be good. You’ve hopefully got your health, your family, your friends.
Keep a clear head as you work through any challenges that might confront you on any given day.
And use what surrounds you that appears not so calm to find more order in what you do for your firm every day.
As an example, in the midst of all this craziness we are re-looking at our Vision and Mission to make sure that it is clear, compelling, and meaningful to employees, clients, and prospects.
Size Doesn’t Matter
Not in this case. Regardless of whether you’re a small firm of 7 or a bigger firm with double digit counts on FTEs or 1099s, the need is still the same.
You need to be out there.
Now For Something Completely Different!
So whether you do it on your own (here’s a clip from our recent virtual new business conference where we hosted RSW/US team members talking about creating a successful new business program), or you turn to a skinnied down program like our outsourced LAUNCH program or our more strategic, full-service RSW/US program, you don’t want that prospect you’ve been pining for to wake up one day, realize they need to turn it on, and you’re not there – you’re not on their radar.
Do what others aren’t!
Tell that to yourself and your clients!
Some Additional “Bonus” Perspective.
As I was researching this topic, came across a good article titled “18 Maxims That Keep Entrepreneurs Strong In Tough Times“. Provides some good counsel for those of you that either started or are running the business to help you through these tougher times. Enjoy
